Even so, there’s no reason to assume he’ll embarrass Obama and, if he does, White House chief of staff Rahm Emanuel will be on the phone reading him (or her) their Miranda rights. Besides, Hillary knows that all the punditry saying she’s too big to fire is wrong. If she manages to get pushed out, she’s almost certainly finished in politics.

The greater likelihood is success. The Clintons have the rare chance for a “do over” in foreign policy, or, in the case of triumphs like the Irish peace deal, a “do again.” Because they won’t be distracted this time by other obligations, Hill and Bill (the order now reversed) will be able to focus their legendary energies on diplomatic breakthroughs.

More important, the structure of today’s global order may favour Clintonism even more than it did in the 1990s. The Pax Americana of 15 years ago, when the United States stood alone at the summit, was in some ways wasted on Bill, who responded in Bosnia in his first term with a caution befitting a third-string power, not a colossus. Now that unipolar world is gone, replaced by an array of rising powers.

The strength of the Clintons always rested in their ability to grasp subtleties and integrate seemingly disparate issues like energy, counter-terrorism and development. George W. Bush, Dick Cheney and Donald Rumsfeld didn’t “do nuance.” Hillary and Bill do, and they make it pay.

The Obama era has begun, but not at the expense of the Clintons. At a moment of ferment and global possibility, they have more of a chance to shape the world than anyone other than the new president. With so many problems competing for the attention of the new administration in Washington, it’s all hands on deck.